Verizon chief's pay valued at $20.2M in '06 –

I wonder if it’s directly proportional to the amount of layoffs since that’s the new gold standard in generating revenue. no longer is growing a company the standard. But then again, when you’re the chairman of the board, who’s going to not endorse  your paycheck?

Verizon chief’s pay valued at $20.2M in ’06 – NEW YORK — Verizon Communications (VZ) Chief Executive Ivan Seidenberg received total compensation valued at $20.2 million last year, the telecommunications company reported Monday in a regulatory filing. Seidenberg was paid $2,100,000 million in salary and $4,252,500 in non-equity incentive compensation during the year. He also received $13,125,018 worth of ‘stock awards and $734,400 worth of perks, the company estimated in its annual proxy statement. The compensation was received during a year in which Verizon’s stock rebounded strongly after a dismal performance in 2005. Verizon’s shares rose 24% during 2006, or nearly 35% including the spinoff to shareholders of stock in the company’s phone book and directory listings business. The perks received by Seidenberg, 60, included $177,000 worth of personal use of a corporate jet, $311,000 in deferred compensation, and a $218,000 contribution to a bonus life insurance plan. The $13.1 million restricted stock award was valued using Verizon’s average share price on the grant date, March 3, 2006. The payout could be lower or, if certain goals are met, substantially higher.